Have some ETH? Stake that for a loan of an ETH derivative, then use that to borrow more ETH! You won't believe what comes next, you can stake that borrowed ETH for a loan of an ETH derivative!
Web3 is so funny since the theory behind it is everything becoming decentralized again but 99% of crypto people are using the same two websites for trading. Like, one or two things going down could effectively shatter the entire space - and might!
Web3 pushers claim it'll decentralize the web but the web was already decentralized before corporations horned all in on it and instated walled gardens. And it's already happening with blockchains all over again because no crypto dude has the slightest conception that technology exists within and is influenced by human actions that inevitably drive centralization.
As an accounting grad, can you explain what happens when you do the Skyrim potion loop glitch on your blockchain debt-to-asset ratio?
Right, probably not a very broad-audience reference. The Thomas clips are classic, though. The TLDR is that you can craft armor that boosts your potions skill and then craft potions that boost your crafting skill and do that an infinite loop that will eventually crash the game if you try to equip the items.
So in other words, I’m assuming this crypto scheme relies on slight difference in market values between coins, but rather than be a true infinite loop, would fall apart once your debt ratio gets too high
Take a loan on your house and use that money to buy a new house and then take a loan on that house and use that money to buy a new house and then take a loan on that house and use that money to buy a new house and then take a loan on that house and
under capitalism you have to be as leveraged as possible or else someone might out-accumulate you
Every programming guide and tech startup has a flowchart that describes their system this way, and they're all equally incomprehensible
it's "look at how smart we are! we have a diagram you can't understand! give us money!"
Serious question - what is Web3?
I know it's the internet + crypto (somehow) but that's all that I know.
its the newest version of the world wide web protocol, can do some really cool stuff but crypto bros are using it to join pyramid schemes
HTTP/3 has nothing to do with crypto or web3, it's just running on top of QUIC instead of TCP
bittorrent already uses DHT which is a functioning distributed decentralized system so obviously it needs to have some added overhead of a countries worth of carbon emissions to make it more efficient
Fully collateralized loans are stupid. Unfortunately they're the main way Eth can do leverage.
